Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "Hazardous Area Equipment - Global Strategic Business Report" has been added to ResearchAndMarkets.com's offering.
The global market for Hazardous Area Equipment estimated at US$7 Billion in the year 2023, is projected to reach a revised size of US$11.6 Billion by 2030, growing at a CAGR of 6.6% over the analysis period 2023-2030.
Cable Glands & Accessories, one of the segments analyzed in the report, is projected to record 7.8% CAGR and reach US$3.5 Billion by the end of the analysis period. Growth in the Process Instruments segment is estimated at 6% CAGR for the next 8-year period.
The Hazardous Area Equipment market in the U.S. is estimated at US$1.8 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2030 trailing a CAGR of 7.4% over the analysis period 2023 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.4% and 5.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.
Key Market Trends & Drivers
- Increasing Emphasis on Adoption of Safety Measures in Industries Drives Focus onto Hazardous Area Equipment
- Rise in Workplace Accidents in Hazardous Facilities Favors Market Growth
- High Levels of Workplace Related Accidents Bring Renewed Emphasis on Hazardous Area Equipment
- Industrial Safety Regulations Underpin Market Growth
- Market to Gain from Rapidly Evolving Role of Industry 4.0 and 'Smart Factory' in the Global Industrial Landscape
- Industrial IoT to Give Impetus to Market Expansion
- Market to Benefit from Technology Advances in Lighting Systems and Increasing Use of LED Lighting Solutions in Hazardous Areas
- Oil & Gas Sector: Hazardous Working Environment Enhances Significance of Safety Equipment
- Sustained Reliance on Fossil Fuels and Ensuing Demand for Oil Bodes Well for Market Expansion
- Chemical & Pharmaceutical Enterprises Rely on Safety Equipment to Ensure Workplace Safety
- Presence of Gases & Vapors Increases Explosion Risk in Food & Beverage Facilities, Driving Demand for Safety Equipment
- Technology Advancements Transform Hazardous Area Management
- Product Advancements in Signaling Devices Space
- Strobe Beacons: An Essential Component of Emergency Lighting Systems
- Overriding Need to Protect Assets from Fire and Explosion Catalyzes Explosion-Proof Equipment Market
- Hazardous Area Fire Alarms: Essential to Alert People during Emergencies
- Cable Glands: Connecting Electrical Cables to Equipment
- Hazardous Duty Sensors: Sensing Hazards at Sites
- Hazardous Area Motors Emerge as Essential Components to Ensure Safe Operations
- Process Instruments: Monitoring, Measuring & Controlling Processes
- Venting, Suppression & Containment Systems Hold Significance for Dust Explosion Protection in Industrial Facilities
- Dust Explosion Protection for Metal Processing Industry
- Pressing Need to Ensure Employee Safety Fuels Growth in Hazardous Area Signaling Equipment Market
- Focus on Intrinsic Safety in Diverse Industry Verticals to Intensify Growth of Global Hazardous Area Sensors Market
- Advanced Heat Exchangers to Satiate Need for Effective Cooling of Electrical Systems in Hazardous Locations
- Growing Importance of Drones in Ensuring Hazardous Area Safety
- Hazardous Industrial Waste Emerges as a Key Cause of Environmental Pollution & Contamination
- Evolving Regulations Pose Challenges
The report features profiles of 200+ featured companies. A selection of companies in the report includes:
- ABB Ltd.
- Banner Engineering Corporation
- Eaton Corporation PLC
- Emerson Electric Co.
- Fike Corporation
- Honeywell International Inc.
- Patlite Corporation
- Rockwell Automation, Inc.
- Siemens AG
- R. R. Stahl AG
Key Report Features
- Full access to influencer engagement stats
- Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
- Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
- Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
- Complimentary report updates for one year
- Competitor coverage with global market shares of major players
- Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
- Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 830 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $7 Billion |
| Forecasted Market Value (USD) by 2030 | $11.6 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- What is a Hazardous Area?
- Hazardous Area Classification for Flammable Gases and Vapors
- Standards used for Hazardous Areas Classification
- Hazardous Area Equipment: An Introduction
- Global Market Prospects & Outlook
- Competition
- World Brands
- Recent Market Activity
- Hazardous Area Equipment - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- High Levels of Workplace Related Accidents Bring Renewed Emphasis on Hazardous Area Equipment: Breakdown of Annual Work Related Fatalities (In Thousands) Worldwide by Region
- Sustained Reliance on Fossil Fuels and Ensuing Demand for Oil Bodes Well for Market Expansion: Global Oil Production (Million bpd) by Region for the Years 2011, 2013, 2015, 2017, 2019, 2021 and 2023
- Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2023
- Global Primary Energy Consumption by Source (in %) for 2018 and 2040
- Global Oil & Gas E&P Industry Spending (2015-2023)
- Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2023
- Global Strobe Beacons Market by Type (in %) for 2023
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- United States
- Canada
- Japan
- China
- Europe
- France
- Germany
- Italy
- United Kingdom
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Argentina
- Brazil
- Mexico
- Rest of Latin America
- Middle East
- Iran
- Israel
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East
- Africa
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/ljhh7y
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